Press briefing of Cabinet Decision taken on 2021-06-28

Further extension of the Order issued under Section 22 of the Foreign Exchange Act, No.12 of 2017 for controlling the foreign exchange outflows

- Having considered the potential negative impact on the foreign currency reserves and foreign exchange market in the country due to the COVID 19 pandemic, Orders have been made under section 22 of the Foreign Exchange Act, No.12 of 2017 in view of suspending outward remittances related to certain transactions. The period of validity of the said Orders is due to be expired on 2021 07 01 and it is the view of the Central Bank of Sri Lanka that the said Orders should further continue in order to minimize the potential risk in the foreign exchange market and to maintain the stability of the financial system. Accordingly, the proposal made by the Hon. Prime Minister in his capacity as the Minister of Finance to further extend the Orders made under section 22 of the Foreign Exchange Act, No.12 of 2017 imposing certain limitations/restrictions on foreign exchange outward remittances, for a period of six (06) months from 2021 07 02, was approved by the Cabinet.